This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Wall Street Fixer Goes to Washington

Stocks in this article: MS CS GS FNMA.OB JPM BX

Nides followed Mack to Credit Suisse and then in his eventual return to Morgan Stanley. During two periods when Mack was out of a job, Nides served stints at Fannie Mae and PR firm Burson Marsteller, where he was CEO for nine months.

While he never brought in revenues, Nides proved himself valuable enough at Morgan Stanley to earn several million dollars a year, including $9 million in 2010. His decision to join the government allowed him to receive a cash bonus of $8.25 million--more than five times that of CEO Gorman, who, like other executive officers named in Morgan Stanley's proxy, had to settle for the rest of their bonus in the form of a "long-term incentive award," that will be paid out over several years.

While on Wall Street, Nides was a top fundraiser for Secretary of State Clinton's presidential campaign.

According to regulatory filings, Nides earned $17 million from 2008 to 2010, three of the most difficult years the nation has seen in many decades. Was his contribution really worth that much? Will he concede that people on Wall Street are overpaid? His voice rises a couple of octaves as he searches for an answer.

"I've been very lucky, okay? I've been very fortunate. I think I've had good mentors. I think I've worked pretty hard; I think I'm a pretty honest guy; I think I've got decent values, but am I going to say 'Oh my God, I'm worth every dime everyone's paid me?' That's ridiculous. None of these people are, including myself."

One former Wall Street colleague compares Nides to Winston Wolf, the "problem solver," played by Harvey Keitel in the movie Pulp Fiction, who helps a pair of assassins dispose of a bloody corpse in 40 minutes without so much as wrinkling his tuxedo.

Nides had his hands in everything from compensation to implementing strategy to interdepartmental disputes. "Any kind of sensitive personnel issue--Tom cleaned it all up," the executive says, "and no one ever knows he was there."

5 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs